Google, already a force to be reckoned with in the world of venture capital, is upping its stakes. The company has quietly launched a second VC fund, Google Capital, to invest in later stage tech startups.

The company already has Google Ventures, an active player for early stage startups. Google Capital is making bets in companies closer to being acquired or going public, a Google executive said at the Red Herring 2013 Conference in Monterey, California.

Zach Miners of IDG News Service reports that Mike Pearson, general partner at Google Capital, talked about the fund at a conference panel.

Here's Miner:

“There are a wealth of people out there doing amazing things and we should be able to leverage Google to empower them,” he said.

Pearson didn’t identify the companies Google Capital has invested in so far, but said the fund will invest in areas adjacent to Google’s business, including potentially Internet infrastructure and digital video.

The fund hasn’t been formally announced and a “coming out party” is planned for the summer, Pearson said. He didn’t disclose the initial size of the fund or provide any other details.

Google Capital could make sure the search giant keeps investing in the companies Google Ventures backs as those companies grow.

Since coming aboard with Upstart’s parent company, Kent has covered sustainability and business, entrepreneurs, technology, and venture capital. Now, he covers all the ways upstart businesses get their money.

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